Bessent Says Yen Moves Contained, Backs BOJ Governor Ahead of G20

US Treasury Secretary Scott Bessent said on Sunday that recent declines in the Japanese yen are "pretty well contained," signaling that Washington does not currently see conditions warranting a repeat of the rare joint US-Japan currency intervention carried out last month. In an interview with Reuters, Bessent also declined to advise the Bank of Japan on whether to pursue consecutive interest rate hikes, instead expressing confidence in Governor Kazuo Ueda's judgment. Bessent's comments, made ahead of the Group of 20 finance leaders gathering in Asheville, North Carolina, mark a shift from his earlier vocal advocacy for tighter Japanese monetary policy.